The Bahamas will constantly be plagued with black listing because the country is only halfheartedly implementing fiscal and tax reforms to meet the bare minimum of a moving target.

Eg. we implimented VAT to get rid of customs duties and business licence fees to enhance free trade. We halfheartedly implemented a low VAT and left customs duties and business license fees in place. Further burdening the private sector with burdensome tax bills.

KP simply signing a letter is not going to "do the trick". Never has and never will.

As long as government follows the advice of offshore banks, trusts, foundations, lawyers, special interest, high net-worth residents and tax accountants it will never meet the evolving requirements of the global trading blocks (EU, Nafta, TTP etc.). Why? Because the Bahamas has no income tax, no corporate tax, no individual tax, no capital gains tax, no interest income tax, no dividend tax, no inheritance tax and no beneficial owner transfer taxes. Simply moving to the Bahamas can save a corporation or individual billions in taxes over decades. That's harmful to the tax base of developed countries. No wonder they are upset.

IBCs can be set up with nominee shareholders, directors, officers with the sole purpose of moving money and assets around the world without the disclosure of true beneficial interest.

Registered agents set up these corporations with no fiduciary duty (agency responsibilities only) other than knowing the customer. Knowing your customer is only the starting point. In developed countries corporations must file financial statements with the registry and prepare annual tax returns. No such requirement in the Bahamas.

Now that we appear to be embracing Bitcoin and webshops (quasi financial services) it only pours oil on the fire. In the meanwhile the international banks are bailing out of commercial banking on the jokey pretext of moving their platforms onto the web. Anyword on ACH? Every tried moving money from one Bahamian bank to another electronically? Good luck with that. Meanwhile there is silence from the government and the regulator. Sometime you can't even make a deposit in the bank...where is the regulator in all this?

This is all smoke and mirrors.

If Adrian really wanted change he would fire himself and the entire FNM Board, outsource the services of W&S to the private sector and liquidate the company.

As long as politically appointed Chairmen (FNM, PLP or DNA for that matter), Board and the Cabinet continue to act like they are businessmen W&S will continue to loose hundreds of millions in the decades to come.

We can all forget about reducing the deficit.

The EU can tax our exports, slow down access to the global financial system by our offshore financial industry, put up barriers to the movement of people (both ways including tourism), products and services.

The Bahamas needs much more action and stop the chatter.

So KP's signature is enough to reverse the blacklisting? Sounds like wishful thinking to me.

I suspect the EU would looked at the Bahamas' actions rather than words in its decision to blacklist.

Certainly the action of touting the Commercial Enterprise Bill which allows corporations to set up shop (mind and management) in the Bahamas and avoid income tax regardless of where in the world their revenues are generated is extreamly harmful.

Oban is another example. In this case the government can structured a large transactions so that Oban will pay no income tax yet trade on a global basis including the EU. This is not how the Bahamas should be leveling the playing field.

While the Bahamian people go without a $14,000 ventilator it would be interesting to see how much the government has spent on foreign trips with their entourages as one business class ticket to the London is $9,000 and hotels are running $400 per night. These are funds better spent keeping Bahamian's alive at PMH. What about all the government cars running about doing personal business and the amount of gas they use?

But alas we will never know because their expense reports are not disclosed. Only thing disclosed is that we can't afford a $14,000 ventilator to keep Bahamians alive.

Lets get our priorities straight.

Bahamas has no history of expropriating property from foreigner or Bahamians. Let's not obfuscate the issue of environmental protection with property ownership.

Nation building and economic progress can be achieved in harmony with nature and for the benefit of current and future generations.

All it takes is a little creativity and less greed.

Arguably the most beautiful beach in the entire Bahamas and eco rich environment with a land mass almost the size of Nassau will be distroyed by short sighted politicians doing business with foreigners with pipe dreams.

You can’t put a resort in the middle of nowhere without infrastructure. By infrastructure I mean schools, homes, parks, airports, energy, water, local government, culture, stores etc.

You can’t cut canals into the mangroves for million dollar yatches and expect to be protected from rising sea levels due to global warming.

Look what happened in Bimini. Even if greater concern is what is going to happen in eastern Grand Bahama.

As Grammy said “if ya can’t learn ya ga feel”.

KP’s solution is another half step and won’t address the following further black listing issues:

1. Use of nominee directors and shareholders
2. No register of beneficial owners
3. Zero prosecutions related to STRs since 2000
4. Zero income tax
5. Painfully slow cross boarded tax information exchange
6. Lack of up to standard ML regs, and monitoring of web shops
7. Web shops performing banking services
8. Exchange controls inhibiting 2 way capital movements
9. Many industries off limits to international investors
10. Lack of transparency on government expenses
Etc etc

But KP hopefully knew all of this. So why is he caught by surprise?

John, this has nothing to do with black and white. Numbers houses are now integrated in our poorest communities and provide false hope to the most exploitable parts of our society.

JohnDoe, please, please stop castigating everyone's comments as irrelevant. Webshops pose a moneylaundering risk which may lead to blacklisting by the EU. And money laumdering can be utilized for tax evasion. KP is trying to solve the issue with more laws and regulations. While the EU is looking at actions and outcomes.

When hundreds and hundreds of STRs are made by banks and trust companies since the 2000 black listing and absolutely nothing has come of any of them, what use is the STR Law?

When more and more E&Y reports are "handed over" to the police, what good is that if you never here of any budget increase for forensic specialists on the police force. What good if the Prosecutor's office, A/g's office or the courts don't get substantial budget increases and up to date technology and technical assistance to combat white collar crime?

You sound like an apologist for the webshops. Tell us why webshops are good for our country and help our financial system and uplift our people?